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Lockheed Martin is awarded $1.1 billion Army contract: Will LMT hold $636.04 support?
Lockheed Martin said it secured a $1.1 billion development contract from the U.S. Army for its PAC-3 Edge missile under the Future Interceptor program. The stock is up 2.1% on the day at $643.59.
Highlights
- Lockheed Martin secured a $1.1 billion U.S. Army contract for PAC-3 Edge missile development under the Future Interceptor program.
- Lockheed Martin stock is up 2.1% on the day at $643.59, with a market value near $117.6 billion.
- 31 of 86 analysts rate Lockheed Martin stock a buy, while 4 recommend selling and TD Cowen rates it hold with a $570 target.
Lockheed Martin announced it was awarded a $1.1 billion development contract by the U.S. Army. The agreement covers testing and initial production of the PAC-3 Edge interceptor, part of the military's Future Interceptor program. The company operates in aerospace and defense, with a workforce of 123,000 and a market value near $117.6 billion on trailing revenue of $77.01 billion.
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Bullish price structure as shares gap up on contract award
The session opened with a gap up from the previous close of $630.14 to $639.66. Shares of Lockheed Martin are holding above the prior weekly high at $636.04 and remain above their MA-20, MA-50, and MA-200, maintaining a bullish daily chart structure. RSI at 77 is in overbought territory, a stretched reading that limits room for further upside.
Upside odds dominate as traders watch for follow-through above range
To gauge whether the news is being priced in, traders should watch for a close above the recent range as evidence that buyers are willing to follow through. Lockheed Martin stock opened the session with a gap up from $630.14 to $639.66. Even so, from here the probability of upside over the next five trading days is more than 80%, while the probability of downside is less than 20%, with an expected trading range of $619.94 to $667.23. A drop below $636.04 would indicate the move is being faded. On the weekly chart the longer-term picture stays constructive.
Previously it was reported that Lockheed Martin's advancements in networked missile technology supported a broadly constructive outlook for the stock. The new $1.1 billion PAC-3 Edge contract further reinforces the bullish scenario, with the key level to monitor now shifting to whether shares can sustain their position above prior resistance as the trading range expands.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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